WAINSCOTING
- The covering of an interior wall with wood (tiles, panels, etc.) from
the floor to a point approximately half way to the ceiling with the
remaining portion either painted, wallpapered, or covered with a
material different from the lower portion.
WAIVE - To
knowingly abandon, give up, surrender, or relinquish a right, claim, or
benefit.
WAIVER
- to relinquish a right. A subcontractors waver of their mechanic's
lien rights in order for the owner (usually a builder) to obtain draws
under a construction loan.
WARM AIR HEATING SYSTEM
- Hot air or forced hot air heating system. Describes a system where
the air is heated in a furnace an is circulated through ducts. Enables
the addition of central air conditioning where as a forced hot water
system may not.
WARRANT - To legally
assure that title conveyed is good and that possession will be
undisturbed.
WARRANTY
- A legal, binding promise given at the time of sale whereby the seller
gives the buyer certain assurances as to the condition of the property
being sold.
WARRANTY DEED - A
deed used in may states to convey fee title to real property.
WATERFRONT -
Property fronting on a body or water.
WATER HOLDING CAPACITY
- The amount of water a given type and amount of soil will absorb and
hold under normal conditions. The amount is expressed as a percentage
of the soil's own weight when dry.
WATER TABLE
- The depth measured from the surface to where natural
underground water as found.
WEAR AND TEAR
- The deterioration or loss in value caused by the normal and
reasonable use of the property. In leases, the tenant is not usually
responsible for normal wear and tear.
WEATHERING - The
deterioration of the exterior of a structure caused by exposure to
weather.
WEATHER-STRIPPING
- Strips of metal or felt, etc. installed between a window or door and
its casing to keep out wind, moisture and other elements of weather.
WEEP HOLE - Small
hole in a retaining wall where it is necessary to drain off excess
water to avoid pressure build-up.
WELL - A hole or
shaft dug into the ground to obtain water, gas, oil, etc.
WILD INTEREST
- An interest of record which cannot be traced in the chain of title.
Often caused when an incorrect legal description appears in a document.
A woman could obtain title under her maiden name and sell under her
married name leaving no clear chain of ownership.
WINDBREAK - Any
natural or artificial structure which shelters by breaking the force of
wind.
WINDOW SILL - The
bottom framing member of a window casing.
WITHOUT RECOURSE
- A finance term. A mortgage or deed of trust securing a note without
recourse allows the lender to look only to the property as security.
WOOD FRAME CONSTRUCTION
- Buildings in which the walls, roof and floors are constructed of
wood. The exterior covering may be of any material such as stucco,
brick etc.
WRAP-AROUND MORTGAGE
- A loan in which a new loan is added to the existing first mortgage
loan.
WRIT OF EXECUTION -
A writ to carry out a judgment or decree of the court.
WYTHE - A partition
in a chimney which contains more than one flue, separating the flues.